Taxes Consolidation Act 1997 Schedule 12A paragraph 18

Bonus date

Paragraph 18 defines the "bonus date" and provides that, subject to the exceptions in paragraphs 19 to 22, rights obtained under a savings-related share option scheme must not be exercisable before that date.

• Rights under the scheme cannot be exercised before the bonus date, which is the date on which repayments under the certified contractual savings scheme are due
• At the time the rights are obtained, the individual must decide whether the repayments to be used to purchase shares will include the bonus or not
• Where repayments are taken as including the maximum bonus, the bonus date is the earliest date on which that maximum bonus is payable
• Where repayments include any other bonus, the bonus date is the earliest date on which that bonus is payable under the savings scheme